Ford Money has ramped up its savings offerings with two new regular savings accounts that pay 4pc.
It is the latest sign that motor finance divisions – initially set up to lend money to car buyers – are offering a wider range of banking services.
Ford’s regular saver and regular saver cash Isa both offer the same competitive rate and allow customers to pay in between £25 and £250 a month for a year. The new accounts will be available from May 22.
Ford’s regular saver cash Isa is market leading, beating Nottingham Building Society’s comparable account which pays 2.25pc and customers must visit a branch to open it.
Savers can split their £20,000 Isa allowance for this tax year between some or all of Ford’s cash Isa accounts including its two fixed-rate Isas, which pay 1.04pc over a year or 1.15pc for two years, and its flexible cash Isa which offers 0.9pc.
Ford’s non-Isa regular saver account can be beaten by a number of providers who offer 5pc.
Nationwide, Marks and Spencer Bank and First Direct all have monthly savers that pay this top rate. But these are only available to customers who already hold or open their current accounts.
Car finance giant Ford offers savings accounts paying 4pc – Telegraph.co.uk}